The musical is in line to be produced by the award-winning Co Galway based theatre company at the Druid.
Simon's script has been submitted to Druid's artistic director Garry Hynes, though few details have emerged other than that the story is based on songs by the Pogues.
Simon collaborated on the project with the Pogues late guitarist Phil Chevron, who died in October.
Chevron, a prolific musician, was previously involved in writing a musical about Irish-American boxer Jack Rooney, which narrowly failed to get funding more than a decade ago.
He had even finished songs for Jack Rooney in Person, demos of which were recorded by the legendary Ronnie Drew and Kirsty MacColl.
One of the songs, Manhattan Moon, was recorded by MacColl at her home only weeks before her death in December, 2000. It is thought it will take years before Simon's script is ready to be staged. News of the collaboration may not be a surprise to fans of The Wire, given how much the Pogues music featured in the crime drama.
Music by the band is used throughout the series, with the song The Body of an American getting an airing in three separate episodes.
Jimmy McNulty, the lead character played by Dominic West, is a fan of the Pogues.
A founding member of the band, Spider Stacy, played an English musician in Treme, also created by Simon.